US$ helped by ECB comments & US CPI

The US$ has bounced back a bit in the last session but this is probably more due to the dovish ECB comments undermining the EUR advance than any re-newed vote of US$ confidence. Some better than expected US CPI and weekly employment data would have helped too but there has been plenty of soft US data this week to dampen this impact. Stocks have traded higher but more due to thoughts of continued ZIRP.

USDX weekly: still range-bound within the Flag pattern but has pulled back a bit after the dovish ECB comments:


Gold weekly: still on the bullish wedge breakout but under $1,200 resistance. Any break and hold above $1,200 might allow new trade entry:


Forex: There is CAD Manufacturing Sales and US Prelim UoM Consumer Sentiment data to come on Friday:

E/U 4hr: took ‘one for the team’ following the dovish ECB comments:


E/J 4hr: ditto here and this remains triangle bound on the daily:


A/U daily: the US$ pull back has kept this near the recent S/R level of 0.735; a level to watch in coming sesions:


Cable 4hr: this is hovering near the 1.55 S/R level; a target that was always on the cards after the bounce off the bottom TL; also a level to watch in coming sessions:


Kiwi daily: still a way to go here:


U/J daily: found some support from the stock rally and US$:


GBP/JPY daily: under another bear TL:


USD/CAD daily: looks like it could be back to heading for the 1.25 level:


EUR/NZD weekly: getting closer to the suspected target area for this pull back move:


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